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1836, to the effect that the price paid has been little beyond a number of years' purchase corresponding with the remaining term of apprenticeship. Mr. Miller was asked, with respect to an estate sold at 6,000l. (and which had been valued, more than twenty years back, at 60,000l. currency,) whether that sum was fixed on a calculation that the returns during the apprenticeship would replace it; and whether nothing was allowed for the subsequent reversion? His answer was, that it had been valued with reference to the probable returns during the apprenticeship, and that they gave little consideration to the reversion. Mr. Oldham testified that he had bought for 12,000l. what cost 35,000l., and he was willing to be a buyer, but only at four years' purchase.
Next, with regard to the encouragement of cultivation. There is no doubt that such has been in some instances the fact: often, as respects sugar, to the injury of other products. But what was the nature of this compensation? It was money paid altogether in advance; it was paid for two things, (besides the freedom of the children,) first, the fourth part of the apprentice's working-time for six years, and next for his whole time at the end of that period. Thus, a large portion of the money was actually given six years before the equivalent for it was to be rendered. Of course the intermediate effect was release from incumbrances, and increased activity; but it was burdening the future to relieve
